The Benefits of Competition

Over the last few months I have had many conversations with my clients, colleagues and friends about the power of competition. Almost every entrepreneur I know has had an experience where they were about to launch something, or had a brilliant idea and someone launched it first and maybe they even launched it better. In a few cases, other companies actually copied their idea or severed the partnership and ran away with the ideas and business plan. While at first these situations can cause frustration, anger and a burning desire for revenge, there is a silver lining. As I see it, when someone else carries out your plan or steals your ideas, it requires you to dig deeper to find and define the unique value that you / your business are / is offering to the world. This is an incredibly powerful process.  As Dave Grohl once said:

 

Here are a few other ways you can use a competitive spirit to your benefit:


•    It keeps you from getting complacent. Competition inspires urgency, drive and innovation which can all aid in the creative process.
•    It encourages growth. The desire to outperform others usually leads to introspection followed by personal / professional growth. 
•    It can help you define and refine your brand. Competition highlights the need to create a unique and powerful brand position. 
•    It indicates that there is demand for your product / service. If similar products are popping up left and right, it could mean that demand for the product is increasing. An increase in demand = an increase in business opportunity.

And don't forget that just like with SoulCycle and Flywheel there is room in the world for more than one awesome brand that offers a service.